WEX : Investor Presentation August 2022

INVESTOR PRESENTATION

August 2022

Forward Looking Statements

These materials contain forward-looking statements, including statements regarding: assumptions underlying the Company's future financial performance; future operations; future growth opportunities and expectations; expectations for future revenue performance; expectations for the macro environment; assumptions regarding future fuel prices; assumptions regarding Fleet credit loss; assumptions regarding our income tax rate; assumptions regarding the number of fully diluted shares outstanding; and expectations for volumes. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this earnings release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "will" and similar expressions are intended to identify forward- looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the effects of general economic conditions, including a decline in demand for fuel, travel related services, or healthcare related services, and payment and transaction processing activity; the impact of fluctuations in fuel prices and fuel spreads, including the resulting impact on the Company's revenues and net income; the failure to maintain or renew key customer and partner agreements and relationships, or to maintain volumes under such agreements; breaches of, or other issues with, the Company's technology systems or those of its third-party service providers and any resulting negative impact on its reputation, liabilities or relationships with customers or merchants; the actions of regulatory bodies, including banking and securities regulators, and the Company's and its industrial bank's responses thereto, or possible changes in banking or financial regulations impacting the Company's industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the failure to comply with the applicable requirements of MasterCard or Visa contracts and rules; the extent to which the COVID-19 pandemic, including the emergence of new variants, and measures taken in response thereto impact the Company's employees, business, results of operations and financial condition in excess of current expectations, particularly with respect to demand for worldwide travel; the impact and size of credit losses, including losses attributable to fraud; failure to expand the Company's technological capabilities and service offerings as rapidly as the Company's competitors; changes in interest rates and the rate of inflation; the ability to attract and retain employees; limitations on or compression of interchange fees; the effects of the Company's business expansion and acquisition efforts; the failure of corporate investments to result in anticipated strategic value; the failure to comply with the Treasury Regulations applicable to non-bank custodians; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the failure to complete or successfully integrate the Company's acquisitions or to realize anticipated synergies and cost savings from such acquisitions; unexpected costs, charges, or expenses resulting from an acquired company or business; the impact of changes to the Company's credit standards; the impact of foreign currency exchange rates on the Company's operations, revenue and income; the impact of the Company's debt instruments on the Company's operations; the impact of leverage on the Company's operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the impact of sales or dispositions of significant amounts of the Company's outstanding common stock into the public market, or the perception that such sales or dispositions could occur; the possible dilution to the Company's stockholders caused by the issuance of additional shares of common stock or equity-linked securities, whether as result of the Company's convertible notes or otherwise; the impact of the transition from LIBOR as a global benchmark to a replacement rate; the incurrence of impairment charges if the Company's assessment of the fair value of certain of its reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of the Company's Annual Report of Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this earnings release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

Non-GAAP Information:

For additional important information and disclosure regarding our use of non-GAAP metrics, specifically adjusted net income, please see our most recent earnings release, issued on July 28, 2022. See the Appendix to this presentation for an explanation and reconciliation of (i) non-GAAP adjusted net income attributable to shareholders (or "adjusted net income" or "ANI") to GAAP net income attributable to shareholders, (ii) ANI per diluted share to GAAP net income per diluted share, (iii) non-GAAP adjusted operating income to GAAP operating income, (iv) non-GAAP total segment adjusted operating income to GAAP operating income, (v) non- GAAP bank covenant EBITDA to GAAP consolidated net income and (vi) non-GAAP cash generated to GAAP consolidated net income.

Note:

The Company rounds amounts in the consolidated financial statements to thousands and calculates all percentages and per-share data from underlying whole-dollar amounts. Thus, certain amounts may not foot, crossfoot, or recalculate exactly based on reported numbers due to rounding.

2

A Global Commerce Platform for Simplifying Business

Our	To simplify the business
Purpose	of running a business

3	3

History of Evolution

Revenue ($M)

$2,000

$1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$-

EARLY GROWTH AND IPO

2005 Wright Express IPO

BUILDING SCALE AND DIVERSIFYING

2012

Name change to WEX to reflect transformation and growth

2014

Acquisition of

Evolution1

2014 Melissa Smith Appointed CEO

INVESTING IN GROWTH AND TECHNOLOGY

TRANSFORMATION

2016 - 2019

Strong Organic

Growth1

	2020
	Acquisition
	of eNett
2016	and Optal
2019
Acquisition
Acquisition
of Electronic
of Discovery
Funds Source
Benefits
	2020
	Impact of

Pandemic

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

During this time period, in addition to strong organic growth, WEX also made several smaller acquisitions.	4
4

Strong Track Record of Revenue and Margin Expansion

Fleet Solutions

$1,111

$642

50.1%

39.6%

20162021

Segment Revenue ($M)

0 Segment Adj. Operating Income Margin

Travel & Corporate		Health & Employee
Solutions		Benefits Solutions

															$414
						$325
$215					$155
37.5%			26.7%		24.3%			25.2%
2016			2021		2016			2021
			Segment Revenue ($M)							Segment Revenue ($M)
			Segment Adj. Operating Income Margin					Segment Adj. Operating Income Margin

WEX

$1,850

$1,012

36.2%

32.0%

20162021

Revenue ($M)

Adj. Operating Income Margin

Adjusted operating income margin is derived by dividing adjusted operating income by the revenue of the corresponding segment (or the entire Company for adjusted operating income).

See the appendix to the presentation for a reconciliation of GAAP operating income to total segment adjusted operating income and adjusted operating income.5

5